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Wednesday, February 13, 2013
2012 | Year-End San Francisco Office Report
2012 | Year-End San Francisco Office Report >>
San Francisco remains a bright spot in an otherwise cautious national office market.
http://www.colliers.com/en-us/sanfrancisco/insights
Tuesday, February 12, 2013
Chile's copper exports off to a good start in 2013
Chile's copper exports off to a good start in 2013
By Alexandra Demo-Dananberg - Tuesday, February 12, 2013
Chilean copper exports increased 8.52% to US$3.47bn in January, compared to US$3.20bn during the same month in 2012, according to figures compiled by the central bank.
http://www.bnamericas.com/news/metals/chiles-copper-exports-off-to-a-good-start-in-2013
Carbon Markets Threatened If EU Backload Plan Fails, CEPS Says
By Mathew Carr
Europe will struggle to convince the rest of the world that carbon trading is the best way to tackle climate change if a plan to revive the price of the region’s permits fails, said the Centre for European Policy Studies.
High-Yield Bond ETFs: Too Risky After Big Rally?
Market Insight: Are High-Yield Bond ETFs Getting Too Risky?
Hello. Today, we are reviewing an insightful piece from ETF Trends that asks a critical question: Have high-yield bond ETFs become too dangerous for investors after their massive rally?
The article points out a shifting tide in the junk bond market. After a long period of attracting yield-hungry investors, these high-yield ETFs are starting to lose momentum and are currently slipping toward key technical support levels.
A major red flag comes from Moody's, which notes that the safety covenants on these junk bonds have plummeted to all-time lows. This essentially means lenders have fewer protections if a company defaults. To make matters worse, investors are not being rewarded for taking on this extra risk. Because so many people are eager to buy these bonds, the extra yield they offer over safer investments has shrunk dramatically.
Looking at the charts, popular funds like HYG and JNK are teetering on their 50-day moving averages. If they fall below this line, we could see a deeper correction. For years, junk bonds offered the "best of both worlds"—a nice steady income combined with price appreciation driven by easy money from central banks. But today, with yields bottoming out around 6%, they are fully priced and have lost their upside potential.
Ultimately, the article warns that the Federal Reserve's low-interest-rate policy has forced investors into increasingly risky territory. With record-low safety protections and compressed yields, the high-yield bond market is flashing warning signs that shouldn't be ignored.
Read the full article here
안녕하세요. 오늘은 시장에서 큰 인기를 끌었던 하이일드 채권 ETF가 과연 지금도 안전한 투자처인지 짚어보는 ETF Trends의 기사를 알기 쉽게 요약해 드립니다.
이 글은 이른바 '정크 본드'로 불리는 투기 등급 회사채 시장의 분위기가 심상치 않다고 진단합니다. 그동안 은행 이자보다 조금이라도 높은 수익을 찾던 투자자들의 돈이 몰리면서 크게 올랐지만, 최근 들어 힘이 빠지며 단기 지지선이 위협받고 있습니다.
가장 큰 경고 신호는 무디스에서 나왔습니다. 회사채를 발행할 때 투자자를 보호하는 안전 장치인 '재무 약정' 수준이 사상 최저치로 떨어졌다는 것입니다. 기업이 부도가 나도 투자자들이 보호받기 어려워졌다는 뜻입니다. 게다가 안전 장치가 부실해진 만큼 이자라도 많이 받아야 하는데, 시장에 채권을 사려는 수요가 넘쳐나다 보니 오히려 추가로 받는 금리는 크게 줄어든 상황입니다.
차트를 보면 HYG나 JNK 같이 유명한 ETF들이 현재 50일 이동평균선에 아슬아슬하게 걸쳐 있습니다. 만약 이 선이 뚫리면 가격이 크게 조정을 받을 수 있습니다. 과거에는 시중에 돈이 넘쳐나면서 이자도 받고 가격도 오르는 일석이조의 효과를 누렸지만, 이제는 수익률이 6퍼센트 대에 머물면서 가격이 오를 대로 올라 매력이 크게 떨어졌습니다.
결론적으로, 연방준비제도의 초저금리 정책 때문에 투자자들이 어쩔 수 없이 위험한 곳으로 내몰린 결과, 지금의 하이일드 채권 시장은 투자자 보호는 턱없이 약하고 가격은 비싼 아슬아슬한 국면에 접어들었다고 주의를 당부하고 있습니다.
오리지널 기사 링크
Freeport LNG signs liquefaction tolling agreement with BP
February 11, 2013
By PennEnergy Editorial Staff
Source: Freeport LNG
Freeport LNG Expansion, L.P. (Freeport LNG) today announced that it had entered into a binding 20-year Liquefaction Tolling Agreement (LTA) with BP for 4.4 million tons per annum (mtpa), equivalent to the production capacity of the second train of Freeport LNG's proposed natural gas liquefaction and LNG loading facility on Quintana Island near Freeport, Texas. The LTA with BP will commence upon completion of construction of the second liquefaction train.
http://www.pennenergy.com/articles/pennenergy/2013/02/freeport-lng-signs-liquefaction-tolling-agreement-with-bp.html
Friday, February 8, 2013
Global Carbon Market Value Drops 35 Percent
Global Carbon Market Value Drops 35 Percent
The value of global carbon markets fell 35 percent to €62 billion ($84 billion) in 2012, largely due to an oversupply of credits, according to analysis from Thomson Reuters Point Carbon.
Vacancy rates a tale of two cities
February 7, 2013
Carolyn Cummins
Commercial Property Editor
The lack of new buildings in Sydney and too many in Melbourne has led to a dramatic difference in office vacancy rates since July last year.
http://news.domain.com.au/domain/real-estate-news/vacancy-rates-a-tale-of-two-cities-20130207-2dzt2.html
Institutional Investors in Real Estate Target Debt Funds
Institutional Investors in Real Estate Target Debt Funds
Debt funds are being featured more prominently in the private real estate industry, data firm Preqin has claimed.
(February 7, 2013) -- Institutional investors are increasingly interested in the value that real estate debt can add to their existing portfolios, Preqin has revealed.
According to the data firm, a growing number of institutions believe that these funds can generate returns with a lower level of risk than equity investments in real estate. Consequently, a significant number of investors plan to commit to funds with a debt strategy in 2013.
http://www.ai-cio.com/channel/NEWSMAKERS/Institutional_Investors_in_Real_Estate_Target_Debt_Funds.html
Thursday, February 7, 2013
The Real Estate Debt Fund Market - February 2013
Recent years have seen debt funds feature more prominently in the private real estate industry, with many firms diversifying their businesses to include specialist debt platforms and a growing number of fund managers incorporating the acquisition or origination of real estate debt into their existing investment strategies. As the availability of bank financing has fallen in the US and Europe, many fund managers, alongside other non-traditional lenders, are increasingly stepping in to help fill the funding gap.
https://www.preqin.com/blog/101/6189/re-debt-fund-market
Wednesday, February 6, 2013
70 per cent of London offices sold in 2012 went to foreign buyers
05 February 2013
Today Knight Frank unveiled its latest analysis and forecasts for the central London office market at the Dorchester Hotel. Key points were:
http://www.knightfrank.com/news/70-per-cent-of-london-offices-sold-in-2012-went-to-foreign-buyers-01595.aspx
